DEVOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 16 filings
Turnover
≈ €1.1m
Estimated: probably between €850,000 and €1.5m
Total assets
€572,067▲ 21.9%
2024 · €469,354
Net result
€195,824▲ 647%
2024 · €26,198
Working capital
€420,138▲ 85.2%
2024 · €226,838
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€279,809
▲ 784%
2025
20182025
Net result
€195,824
▲ 647%
2025
highest quarter of the sector
20182025
Equity
€460,191
▲ 42.4%
2025
highest quarter of the sector
20182025
Total assets
€572,067
▲ 21.9%
2025
highest quarter of the sector
20182025
Debt
€111,876
▼ 23.5%
2025
20182025
Working capital
€420,138
▲ 85.2%
2025
highest quarter of the sector
20182025
Solvency
80.4%
▲ 11.6pp
2025
highest quarter of the sector
20182025
Current ratio
4.76
▲ 1.88
2025
highest quarter of the sector
20182025
Return on assets (ROA)
34.2%
▲ 28.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.7
▼ 15.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€74,380-€86,761▲ 16.6%€87,230▲ 0.5%€44,177▼ 49.4%€55,698▲ 26.1%€92,297▲ 65.7%€31,657▼ 65.7%€279,809▲ 784%
Net result€51,180-€61,429▲ 20.0%€58,750above the sector's middle half▼ 4.4%€27,981above the sector's middle half▼ 52.4%€36,364within the sector's middle half▲ 30.0%€63,689within the sector's middle half▲ 75.1%€26,198within the sector's middle half▼ 58.9%€195,824above the sector's middle half▲ 647%
Equity€329,201-€389,006▲ 18.2%€346,059above the sector's middle half▼ 11.0%€339,583above the sector's middle half▼ 1.9%€342,615within the sector's middle half▲ 0.9%€356,724within the sector's middle half▲ 4.1%€323,117above the sector's middle half▼ 9.4%€460,191above the sector's middle half▲ 42.4%
Total assets€420,947-€582,484▲ 38.4%€609,206above the sector's middle half▲ 4.6%€471,577above the sector's middle half▼ 22.6%€531,059within the sector's middle half▲ 12.6%€493,118within the sector's middle half▼ 7.1%€469,354above the sector's middle half▼ 4.8%€572,067above the sector's middle half▲ 21.9%
Debt€91,747-€193,479▲ 111%€263,147▲ 36.0%€131,995▼ 49.8%€188,445▲ 42.8%€136,394▼ 27.6%€146,237▲ 7.2%€111,876▼ 23.5%
Working capital€252,583-€264,232▲ 4.6%€232,240above the sector's middle half▼ 12.1%€249,589above the sector's middle half▲ 7.5%€277,167within the sector's middle half▲ 11.0%€288,436within the sector's middle half▲ 4.1%€226,838above the sector's middle half▼ 21.4%€420,138above the sector's middle half▲ 85.2%
Solvency78.2%-66.8%▼ 11.4pp56.8%within the sector's middle half▼ 10.0pp72.0%above the sector's middle half▲ 15.2pp64.5%above the sector's middle half▼ 7.5pp72.3%above the sector's middle half▲ 7.8pp68.8%within the sector's middle half▼ 3.5pp80.4%above the sector's middle half▲ 11.6pp
Current ratio3.85-2.98▼ 0.872.07within the sector's middle half▼ 0.923.46above the sector's middle half▲ 1.392.62within the sector's middle half▼ 0.843.11above the sector's middle half▲ 0.502.87within the sector's middle half▼ 0.244.76above the sector's middle half▲ 1.88
Return on assets (ROA)12.2%-10.5%▼ 1.6pp9.6%within the sector's middle half▼ 0.9pp5.9%within the sector's middle half▼ 3.7pp6.8%within the sector's middle half▲ 0.9pp12.9%within the sector's middle half▲ 6.1pp5.6%within the sector's middle half▼ 7.3pp34.2%above the sector's middle half▲ 28.6pp
Staff (FTE)2-2=2within the sector's middle half=2=2.7within the sector's middle half▲ 35.0%2within the sector's middle half▼ 25.9%2=1.7▼ 15.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 8.8 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €572,067
Fixed assets
€40,053 ▼ 67.0%
Current assets
€532,014 ▲ 52.9%
Equity and liabilities €572,067
Equity
€460,191 ▲ 42.4%
Debt
€111,876 ▼ 23.5%
Debt's share of the balance-sheet total falls from 31.2% to 19.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€281,924▲
2024 · €75,990
Cash flow
€197,939▲
2024 · €70,531
Debt to equity
0.24▼
2024 · 0.45
ROE
42.6%▲
2024 · 8.1%
Interest coverage
over 100▲
2024 · 21.40
Debt ≤ 1 year
€111,876▼
2024 · €121,160
Debt > 1 year
€0▼
2024 · €25,077
Income taxes
€88,215▲
2024 · €11,219
Staff costs
€110,168▼
2024 · €121,704
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | - |
| full-time | 2 | 2 | 2 | 2 | - |
| part-time | 0 | 0 | 0 | 0 | - |
| in full-time equivalents | 2 | 2 | 2 | 2 | - |
| Average over the year, in full-time equivalents | 2 | 2.7 | 2 | 2 | 1.7 |
| On a permanent contract | 2 | 2 | 2 | 2 | - |
| Joined | - | 1 | - | - | 0 |
| Left | - | 1 | - | - | 2 |
| Training hours | - | 20 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,040 | €1,047 | €20,401 | €99,902 | €37,842 |
| Financial fixed assets | €2 | €2 | €2 | €12 | €0 |
| Depreciation and write-downs of the year | €42,866 | €39,002 | €34,671 | €44,333 | €2,114 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | €4,487 | €260,051 | ▲ 58× |
| Remuneration, social security and pensions62 | - | - | - | €113,708 | €154,198 | €122,928 | €121,704 | €110,168 | ▼ 9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,032 | €29,576 | €46,174 | €42,866 | €39,002 | €34,671 | €44,333 | €2,114 | ▼ 95.2% |
| Other operating charges640/8 | - | - | - | €1,864 | €6,754 | €2,789 | €2,158 | €1,293 | ▼ 40.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €11,060 | - |
| Gross operating margin9900 | €204,766 | €227,562 | €242,489 | €202,614 | €255,652 | €252,686 | €199,852 | €404,445 | ▲ 102% |
| Operating profit (loss)9901 | €74,380 | €86,761 | €87,230 | €44,177 | €55,698 | €92,297 | €31,657 | €279,809 | ▲ 784% |
| Financial income75/76B | - | - | - | €1,048 | €15 | €774 | €9,311 | €6,957 | ▼ 25.3% |
| Recurring financial income75 | €619 | €352 | €139 | €1,048 | €15 | €774 | €9,311 | €6,957 | ▼ 25.3% |
| Financial charges65/66B | - | - | - | €5,096 | €2,047 | €2,490 | €3,551 | €2,728 | ▼ 23.2% |
| Recurring financial charges65 | €4,718 | €5,545 | €6,869 | €5,096 | €2,047 | €2,490 | €3,551 | €2,728 | ▼ 23.2% |
| Profit (loss) for the period before taxes9903 | €70,281 | €81,568 | €80,499 | €40,128 | €53,666 | €90,580 | €37,417 | €284,039 | ▲ 659% |
| Income taxes67/77 | €19,100 | €20,139 | €21,749 | €12,147 | €17,302 | €26,891 | €11,219 | €88,215 | ▲ 686% |
| Profit (loss) for the period9904 | €51,180 | €61,429 | €58,750 | €27,981 | €36,364 | €63,689 | €26,198 | €195,824 | ▲ 647% |
| Profit (loss) for the period to be appropriated9905 | €51,180 | €61,429 | €58,750 | €27,981 | €36,364 | €63,689 | €26,198 | €195,824 | ▲ 647% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €420,947 | €582,484 | €609,206 | €471,577 | €531,059 | €493,118 | €469,354 | €572,067 | ▲ 21.9% |
| Fixed assets21/28 | €79,760 | €185,114 | €159,332 | €120,509 | €82,556 | €68,288 | €121,357 | €40,053 | ▼ 67.0% |
| Tangible fixed assets22/27 | €77,329 | €182,682 | €156,897 | €118,072 | €80,117 | €65,846 | €118,903 | €37,588 | ▼ 68.4% |
| Land and buildings22 | - | - | - | €25,159 | €22,577 | €19,995 | €17,413 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €65,586 | €44,075 | €24,619 | €4,689 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €27,327 | €13,464 | €21,233 | €96,801 | €37,588 | ▼ 61.2% |
| Financial fixed assets28 | €2,430 | €2,433 | €2,435 | €2,437 | €2,440 | €2,442 | €2,454 | €2,465 | ▲ 0.5% |
| Current assets29/58 | €341,188 | €397,370 | €449,874 | €351,068 | €448,503 | €424,830 | €347,998 | €532,014 | ▲ 52.9% |
| Stocks and contracts in progress3 | €9,625 | €14,602 | €10,077 | €19,073 | €50,617 | €36,434 | €38,045 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €18,023 | €47,567 | €33,679 | €30,516 | €0 | ▼ 100% |
| Contracts in progress37 | - | - | - | €1,050 | €3,050 | €2,755 | €7,529 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €31,292 | €63,986 | €16,481 | €36,105 | €48,553 | €29,382 | €61,982 | €58,496 | ▼ 5.6% |
| Trade receivables40 | - | - | - | €28,928 | €36,249 | €22,007 | €48,972 | €47,990 | ▼ 2.0% |
| Other amounts receivable41 | - | - | - | €7,178 | €12,304 | €7,375 | €13,010 | €10,506 | ▼ 19.2% |
| Current investments50/53 | - | - | - | - | - | €225,000 | €175,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €278,051 | €316,581 | €412,080 | €287,940 | €341,037 | €131,234 | €69,868 | €472,253 | ▲ 576% |
| Deferred charges and accrued income490/1 | - | - | - | €7,950 | €8,298 | €2,780 | €3,102 | €1,265 | ▼ 59.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €420,947 | €582,484 | €609,206 | €471,577 | €531,059 | €493,118 | €469,354 | €572,067 | ▲ 21.9% |
| Equity10/15 | €329,201 | €389,006 | €346,059 | €339,583 | €342,615 | €356,724 | €323,117 | €460,191 | ▲ 42.4% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €309,201 | €369,006 | €326,059 | €319,583 | €322,615 | €336,724 | €303,117 | €440,191 | ▲ 45.2% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €317,583 | €322,615 | €336,724 | €303,117 | €440,191 | ▲ 45.2% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €91,747 | €193,479 | €263,147 | €131,995 | €188,445 | €136,394 | €146,237 | €111,876 | ▼ 23.5% |
| Amounts payable after more than one year17 | €3,142 | €60,341 | €45,513 | €30,515 | €15,345 | €0 | €25,077 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €30,515 | €15,345 | €0 | €25,077 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €88,604 | €133,138 | €217,634 | €101,480 | €171,336 | €136,394 | €121,160 | €111,876 | ▼ 7.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,998 | €15,170 | €15,345 | €11,009 | €0 | ▼ 100% |
| Trade debts44 | €25,376 | €48,756 | €26,545 | €31,510 | €48,541 | €10,877 | €15,902 | €44,508 | ▲ 180% |
| Suppliers440/4 | - | - | - | €31,510 | €48,541 | €10,877 | €15,902 | €44,508 | ▲ 180% |
| Advances received on contracts in progress46 | - | - | - | - | €44,165 | €52,370 | €30,900 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €4,990 | €12,556 | €8,222 | €3,543 | €2,830 | ▼ 20.1% |
| Taxes450/3 | - | - | - | €4,990 | €12,556 | €8,222 | €3,543 | €2,830 | ▼ 20.1% |
| Other amounts payable47/48 | - | - | - | €49,981 | €50,904 | €49,580 | €59,805 | €64,538 | ▲ 7.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,764 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51,180 | €61,429 | €58,750 | €27,981 | €36,364 | €63,689 | €26,198 | €195,824 | ▲ 647% |
| + Depreciation and write-downs630 | €26,032 | €29,576 | €46,174 | €42,866 | €39,002 | €34,671 | €44,333 | €2,114 | ▼ 95.2% |
| Operating cash flow (approximation) | €77,212 | €91,005 | €104,924 | €70,847 | €75,366 | €98,361 | €70,531 | €197,939 | ▲ 181% |
| Investment in fixed assets (approximation) | - | -€134,930 | -€20,392 | -€4,042 | -€1,049 | -€20,404 | -€97,401 | €79,189 | - |
| Change in cash | - | €38,530 | €95,499 | -€124,140 | €53,097 | -€209,803 | -€61,366 | €402,385 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as DEVOS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DEVOS itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for DEVOS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00189605 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00166698 | |
| 31-12-2023 | abbreviated format | 22-08-2024 | 2024-00365386 | |
| 31-12-2022 | abbreviated format | 21-08-2023 | 2023-00342805 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20309267 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25500284 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-43600301 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-21900332 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-24500042 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-37400172 |